Renovated Duplex with New
For Sale
$825,000
161 Northeast 117th Street, Miami, FL 33161
Updated kitchens, bathrooms, and flooring enhance this duplex for residential income use.
Property Size2,138 SF
Price / SF$385.87
Days on Market196
Property Features for 161 Northeast 117th Street
General Information
Standard status
Active
Size
2,138 SF
Property subtype
Multi-Family Income / Duplex
Taxes and HOA fees
Annual Taxes
$7,800
Building Details
Year Built
1966
Listing Agency:
NV Realty
(305) 904-9795
Listed By:
Luis Apa · License #3329211
(305) 904-9795
Source:
Compass
Added: Feb 16
Changed: Aug 31
Last Checked: Aug 30 at 11:51PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NV Realty
Investment Insights
Based on property information with market context.
This duplex at 161 Northeast 117th Street in Miami combines a two-unit configuration with extensive recent improvements. The property has a new roof, new flooring, renovated kitchens, and updated bathrooms, providing a refreshed interior and exterior package for residential income use.
Constructed in 1966, the property offers 2,138 of stated property size in a central Miami setting. The address is in the 33161 ZIP code.
Constructed in 1966, the property offers 2,138 of stated property size in a central Miami setting. The address is in the 33161 ZIP code.
Key Highlights
- Duplex with two residential units
- New roof, flooring, kitchens, and bathrooms
- 2,138 stated property size
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$42,879
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.20%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$857,580
$857.6K
Cap Rate 7%
$612,557
$612.6K
Cap Rate 9%
$476,433
$476.4K
Market Conditions
NOI Build-Up for 2,138 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$65.4K $30.60/SF
− Vacancy
−$4.2K −$1.95/SF
EGI
$61.3K $28.65/SF
− OpEx
−$18.4K −$8.60/SF
NOI
$42.9K $20.06/SF
Area
Miami, FL
Vacancy
6.37%
Lease Rate
$30.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$857,580
Cap Rate 7%
$612,557
Cap Rate 9%
$476,433
Alternative Uses
Best Use
Multifamily LT 5
$612.6K
$536.0K – $714.7K
NOI $42,879 @ 7.0% cap · market cap 5.20%
Second Best
Apartment 5plus
$564.2K
$493.7K – $658.3K
NOI $39,496 @ 7.0% cap · market cap 4.79%
Theoretical Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $101,021 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,165
Businesses Nearby
Explore this area
Business Placement
Demographics for 33161, FL
53,015
Population
18,912
Households
2.8
Avg Household Size
37
Median Age
21%
College-Educated
81%
High-School Grad
5.5 sq mi
ZIP Area
9,639
Density / Sq Mi
$55,265
Median Household Income
$34,311
Median Earnings
$1,494
Median Rent
$376,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated kitchens, bathrooms, and flooring enhance this duplex for residential income use.
Where is this duplex located?
The property is located at 161 Northeast 117th Street Miami, FL.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Duplex with two residential units; New roof, flooring, kitchens, and bathrooms; 2,138 stated property size
